Stock rise in thin trade after Lenten break

MANILA, Philippines — Local share prices managed to rise in thin trading yesterday as investors traded with caution amid election-related concerns.

Coming from the Lenten Break, the benchmark Philippine Stock Exchange Composite index (PSEi) finished at 6,996.11, up 11.21 points or 0.16 percent.

Total value turnover was noticeably thin at P3.655 billion. Market breadth was flat with losers edging out gainers 96 to 90 while 47 remained unchanged.

AB Capital Securities said election-related uncertainties weighed on sentiment.

“The local index ticked higher, as low trade volume persisted as investors stayed on the sidelines amid election uncertainty.

On Sunday, presidential aspirant Isko Moreno asked Vice President Leni Robredo to withdraw from the race. He also said that if Robredo wins, there might be political chaos or destabilization.

The broader All Shares index slipped by 0.07 percent or 2.62 points to 3,723.96.

The sectoral gauges, meanwhile, were mixed with holding firms, industrial and financials ending in negative territory. On the other hand, services, mining and oil and property finished in the green.

First Metro Investment Corp. head of research Cristina Ulang said China’s first quarter gross domestic product growth of 4.8 percent beat expectations and slightly cheered the market as the Philippines has trade links with China.

Asian stocks opened lower yesterday in cautious trade, as China posted higher-than-expected economic growth but officials still warned of “significant challenges ahead.”

China’s largest city and economic powerhouse has stewed under a patchwork of lockdown restrictions this year amid the country’s worst Covid-19 outbreak since the start of the pandemic.

Oil prices, which have been elevated since Russia’s February invasion of Ukraine, were up again, with Brent Crude topping $112 a barrel.

Russia is a major global oil and gas supplier, and – along with Ukraine – is also a key player in the grain sector.